On March 29, 2012, the SEC approved FINRA’s new proposed rules regarding broker-dealers’ communications with the public, which will become eff ective no later than a year from the date of approval. According to FINRA, the new rules will simplify the current regulatory framework, codify certain interpretations, and clarify their practical application. The stated overall purpose of these new rules is to ensure member firms’ communications with the public are “fair and balanced.” However, FINRA may have missed an opportunity to create a new paradigm that would have better addressed electronic communication, despite the increase in communication made on personal mobile devices and through social media websites.
Matthew B. Comstock, former SEC Official in the Office of Financial Responsibility, Joins Law Firm's Washington, D.C. Office. Mr. Comstock brings to the firm substantial experience in securities trading and markets counseling. He has particular experience advising clients with respect to securities trading practices, broker-dealer financial responsibility, and provisions of the Dodd-Frank Act applicable to broker-dealers, including provisions relating to securities-based swap dealers.
Supervisory obligations of broker-dealer legal and compliance personnel after the Urban case
A New York state judge on Tuesday dismissed two insurers from a mortgage-backed securities suit over $1.8 billion in loans issued by Greenpoint Mortgage Funding Inc., finding the insurers couldn't sue the mortgage originator again once its original claims were found to be without merit.
Despite a recent Court of Appeals ruling, significant substantive and procedural protections embedded in New York and federal law will continue to pose formidable challenges to investors and other securities market participants seeking common law relief for securities-related wrongs.